On June 17, 2020, the U.S. Small Business Administration and Treasury announced a new, shorter loan forgiveness application form (EZ) under the Paycheck Protection Program that can be used by borrowers who:

  • Are self-employed and have no employees, or
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees, or
  • Experienced reductions in business activity because of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%